FAME

FAME Assistance Corporation
Project “Save Our Homes”

FAME Assistance Corporation plans to purchase a minimum of
$50 million of REOs/non-performing mortgage loans from mortgage lenders.

Using these funds this project will:

• Provide fixed rate loans up to 7% interest for terms of 15 to 30 years;
• Provide immediate assistance to home buyers impacted by the mortgage crisis;
• Assist new home buyers who are finding it difficult to obtain financing due to the credit crunch.

The loan program will take into account the character of the borrower and identify those:

• Who prove willing but unable to pay their current mortgage due to its high monthly cost;
• Who have suffered a temporary economic setback;
• Or who are unable to secure financing because they fall short of underwriting standards.

In 2008 it is projected that 2 million families will be forced into foreclosure and 40 million neighboring homes will lose $200 billion in value as a result.

This is a project that provides an immediate solution for the homeowner by lowering their monthly payment; an immediate benefit to the financial institution by removing non-performing assets off of their balance sheets; direct impact for the economy by freeing up capital and income to stimulate business and consumer spending; and provides a reliable long-term stream of income which will allow FAME to be self-sustaining--funding operational expenses and program growth and outreach.

Company Overview

FAME has a history of programs in support of homeownership including:

FAME Home Loan & 1st Time Ownership Program

Since 2001, the FAME Home Loan Program has focused on increasing homeownership & retention in urban Los Angeles by developing a replicable model of credit & financial counseling, and by managing clients through the mortgage loan process. Home ownership seminars and credit workshops were held monthly.
FAME Assistance Corporation has closed $43,958,289 in home loans (225 separate loans) since 2001.
FAME Assistance Corporation has trained or counseled 1,500 residents regarding home ownership and/or loans since 2001.

FAME Affordable Housing Programs

Since 1985 FAME Affordable Housing Programs have operated to provide sage, decent & quality affordable housing to residents whose income is from 30-120% of the median income of Los Angeles County. The housing program also provides a variety of special needs housing for those infected with HIV/AIDS, senior citizens & the physically and/or mentally disabled.
Currently FAME Housing has 9 properties with a total of 310 units.
The waiting list currently has approximately 750 applicants.
In total, FAME Housing has served over 9,000 community residents since its inception.

Division/Programs	Inception Year	Numbers Served thru 2004
Home Loan	2001	• $44M in loans total • 225 home loans total • 1500 residents counseled
Affordable Housing	1985	• 9000 residents served • 9 residential properties • 310 housing units • 750 residents waiting

Contact: Rhema Toliver, 323.730.7700 x-5011
rhemat@famechurch.org

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FAME Assistance Corporation 1968 West Adams Blvd. Los Angeles, California 90018 T:(323) 730-7700